Yangtze Power seals rare dual currency EB

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By Jonathan Breen
03 Nov 2016

Hydropower firm China Yangtze Power Co debuted in the equity-linked bond market this week, raising $521.9m with a dual currency exchangeable bond — a product rarely seen in Asia. The liquid nature of the underlying stock and the credit quality of the issuer helped reel in demand, writes Jonathan Breen.

The EB was priced on Wednesday with the bonds exchangeable into shares of Hong Kong-listed China Construction Bank Corp. The issuer is a subsidiary of state-owned power company China Three Gorges Corp.

Yangtze Power drew attention to its bond by splitting it into tranches of $300m and €200m ...

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